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Xiang is offered a loan of $21,900 that requires 60 monthly payments of $433.65. 1 What is the effective annual interest rate on this loan?

Xiang is offered a loan of $21,900 that requires 60 monthly payments of $433.65.

1 What is the effective annual interest rate on this loan?(Round intermediate calculations to 5 decimal places, e.g. 5.12534% and final answer to 2 decimal places, e.g. 25.12%.)

2 What would the quoted rate be?

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